- Daily active accounts increased by 64%, and new accounts jumped by 49%.
- XCM is now live across 70 channels.
- Native token DOT is no longer a security.
A positive quarterly statement from a company greatly benefits its profit margins and enhances the industry’s image as well. Messari recently released a report on Polkadot, revealing an increase in their daily active accounts by 64%, while new accounts jumped by 49% in Q4 of 2022.
Key highlights of the report
The report reveals an increase in daily active users and new accounts. The reason could be a shift away from FTX, the launch of USDT, and the inception of nomination pools. From its launch in May 2022, XCM managed more than 166,000 transfers across 70 channels. This expansion is critical for the advancement of the Polkadot ecosystem. The next iteration would be XCM V3, introducing seamless crypto-asset transfer, NFT support, enhanced cross-chain interoperability, and bridging to external networks.
The Web3 Foundation stated that Polkadot’s native token DOT is morphed and no longer a security. Ensuring the vision for morphing set out by the SEC is addressed, and further steps are taken to confirm that Polkadot provides safety to token holders and abides by the law. OpenGov, the next generation of Polkadot Governance, is live on Kusuma and will also be going live on Polkadot soon.
Data shows considerable changes in market cap, total revenue, and daily activity counts in the last quarter of 2022.
Performance Analysis: Polkadot
The circulating supply slightly increased, while the circulating market cap noted a small drop. The total revenue also decreased slightly, and the treasury balance (DOT) gained slightly with considerable improvement. Stalking yield also gained noticeably.
FTX-saga proved to be a black swan event in crypto history; the timing was in Q4 2022, shaking the complete industry to the core and gaining worldwide attention from every sector. This event caused the majority of investors to venture away from centralized systems. Polkadot’s market cap also dropped at the time by 31% quarter-over-quarter (QoQ), and their market cap was down by 83% year-on-year (YoY).
Although the value depreciated, the network’s finances were largely stable. Although Q4 revenue has been flat, showing an increase in DOT tokens supply. As reported by the Web3 Foundation in November 2022, after three years of discussion with the SEC, the DOT is no longer a security.
The clear high spike in the daily active accounts shows how great the mass adoption is going on. Such growth is rare for an ecosystem and indicates the positives. However, the daily new accounts are still at the base level, but the older accounts showing activity could fuel the price and create the environment to welcome new people.
Cross-Consensus Message Format (XCM)
XCM is a language facilitating communication between parachains. It can be transmitted using HRMP channels between parachains, from parachains to Relay Chains, even beyond the Polkadot ecosystem to different applications and base layers. Its versatility serves many purposes like asset transfer, teleportations and operations.
- Casper Price Prediction 2023: Will CSPR Hit $0.1 This Year? - March 26, 2023 10:30 am EDT
- Nio Stock Price Prediction: NIO and Lucid Targets Over $20 in 2023! - March 25, 2023 11:58 pm EDT
- BlockFi Gets Green Signal To Sell Mining Rigs by Bankruptcy Court - March 25, 2023 9:20 pm EDT